Colombo, Oct 19 (newsin.asia) – The Sri Lankan government says that a Chinese funded mega Port City constructed close to the Colombo Harbour will bring in 1 billion dollars worth of foreign investments next year and will be the best piece of real estate in the South East Asian region.
Minister of Law and Order, Sagala Ratnayake, quoted in the Daily News on Thursday said the reclamation of the port city was expected to be completed by 2019 and the first investment on the reclaimed land was expected to begin by mid next year.
He said Colombo city would undergo a major revamp due to the Port City as additional roads and highways connecting to the Port City, the Marine Drive and the Airport Highway would be constructed.
ADVERTISEMENT
The Colombo Port City funded by China Communication Construction Company Limited (CCCC) is estimated to cost a total of $1.4 billion.
Sri Lankan Prime Minister Ranil Wickremesinghe said recently the country will attract $1 billion of foreign investment next year, after completion of the first site.
When completed, the Port City is estimated to have some 5.65 million square metres of build up space, boasting some of the best in design in terms of Grade A offices, Medical Facilities, Educational Facilities, Integrated Resort, Marina, Retail Destinations, Hotels and various Lifestyle Developments.
Using the latest sustainable city design and smart city concepts, Port City Colombo will be the hub of South Asia.
